South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules

south korean regulators warn dozens of foreign exchanges to comply with new rules

Sumary of South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules:

  • Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations.
  • The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services to Korean residents.
  • Korean Financial Intelligence Unit Notifies Foreign Crypto Exchanges of Registration Obligations Access to foreign-based cryptocurrency exchanges can be denied and the platforms may face criminal investigations in South Korea if they don’t comply with the country’s new regulations for the sector.
  • One of the key requirements is to register with the Korean anti-money laundering agency, the Financial Intelligence Unit (FIU), by Sept.
  • 24. To remind them of their obligations, FIU has sent out a notice to 27 entities with crypto trading operations targeting Korean nationals, the Financial Services Commission (FSC) announced Thursday, quoted by the Korea Herald.
  • The regulations adopted earlier this year also require exchanges to have information security certificates, but none of them has obtained one yet, officials said.
  • The commission emphasized that foreign exchanges shall cease business operations in Korea as of Sept.
  • 25 unless they register with the FIU. Unregistered activities will lead to penalties, including up to five years of imprisonment and a fine that can reach 50 million Korean won (over $43,000).

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